(Sept 3): A Singapore court’s landmark decision allowing administrators of bankrupt Indonesian textile maker PT Sri Rejeki Isman to pursue assets in the city-state may open a new route to recoveries for investors in other insolvent Indonesian firms with links to Singapore.
The Singapore International Commercial Court last week published a ruling detailing its recognition of the bankruptcy of the company also known as Sritex, once one of Indonesia’s biggest garment makers. The court also allowed its administrators to secure and investigate the company’s assets in Singapore.
That could be a big relief for creditors of Sritex who have been left asking what happened to the proceeds of US$725 million (RM2.93 billion) of bonds that…